Mistakes of novice entrepreneurs – 10 most dangerous (part 2)
Mistake # 5: impatience
A common mistake of aspiring entrepreneurs is impatience. Business takes time, be patient. If you want to earn a million in the first month, hmmm … I don’t know, maybe :-). But it may not be … At the same time, of course, if you understand that nevertheless this is not it, do not wait for years … rebuild. In simple words, close this business and start a new one. I think this is understandable.
Mistake # 6: business alone
The sixth mistake of beginning entrepreneurs is that they do not hire employees. It’s not easy for one to cope with all business tasks, understand. Moreover, as soon as possible. Employees are not expenses, they are a way of business development. Freeing up time for more important and strategic business issues is more expensive than employee salaries.
Mistake number 7: there is no trust in employees
The seventh mistake of beginning entrepreneurs – they think that they themselves will do everything better. It is very similar to the previous one, but the difference is that the reason is not in employee costs, but in distrust of them. Understand that there are people who can do some things better than you. Sometimes it costs money, yes, but consider it a good investment.
If you are serious and long in business, then in any case, sooner or later you will have to entrust some (if not all) business processes to someone. And why not do it now at the beginning of the matter, when, in fact, less responsibility? Of course, we must control all this, no one will give all the best in your business like you, and should not. But this is better than doing everything with your own hands, thinking that “they” do not understand the business and will ruin everything.
Mistake number 8: no business plan
Starting a business without a business plan is not a good idea. This is not about a classic business plan in the strict sense of the word, but about planning and understanding your own actions in business endeavors. You yourself need to understand how and where to conduct your business, what activities will need to be undertaken, what and when to expect, set goals and objectives for yourself. I already wrote about this at the end of the article on how to write a business plan for yourself.
Mistake number 9: the wrong direction of effort
Very often, aspiring entrepreneurs confuse priorities. Excuse me. The main objective of a business cannot be anything but customer acquisition. Everything else will work out if there are customers. Very careful planning of absolutely all business processes and the desire to bring everything to the ideal is not always useful. Only the flow of attracting potential consumers should be brought to the ideal. Although it, too, can hardly be made ideal, but at least strive for :-).
Mistake number 10: no money
Starting a business without finance to support the business is also a common mistake of beginning businessmen. I have repeatedly said that a business can be opened without money or with minimal investment. This is not about that. The thing is that if you have any money appearing in the plan, they should be. Will you invest or not, you might think. But if you decide that you will, you must have them now.